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Can I take my name off an auto loan?

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vkymonkey



Joined: 02 Feb 2009
vkymonkey's page
Posts: 1



203 Magic Points

Subject: Can I take my name off an auto loan?
 
Posted on Mon Feb 02, 2009 7:55 pm  

I want to take my name off of an auto loan with my ex, is that possible and how would that affect my credit score?
fireyone



Joined: 26 Feb 2008
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Posts: 4246



80 Magic Points

 
Posted on Tue Feb 03, 2009 2:52 am  

If you are on this loan as a co-signer then you can not take your name off until the loan is paid back in full. A bank will not remove a name from a loan because if one defaults on payments then they have another person to go after. Plus your income probaly went into figuring out the loan payments. Is the vehicle close to being paid? Is the payments behind? If the payments are behind it will really effect your credit score. You could ask your ex to take out a personal loan if he can to pay off the remaining amount and then sign it over to him..this would not effect your credit but will look good because the loan was paid off early..unless the payments are behind.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30027 Magic Points

 
Posted on Tue Feb 03, 2009 6:52 am  

Hi Vky
If you have signed the loan agreement with your EX, then you cannot remove your name from the agreement. Your liability towards the auto loan will automatically expire once the debt is repaid in full. Now, because the loan is taken jointly by both of you, your credit score will also be affected along with your EX if the debt is not repaid back in time. Moreover, if you do not pay off the debt and the creditor after repossession of the car is not able to recover the entire outstanding amount, he can bring judgment against both of you and can recover the debt by garnishing wage of any of you.
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freda
Guest






Subject: sell a loan
 
Posted on Tue Jun 09, 2009 3:06 pm  

how can I sell a vehjcle to my son that is inmy name or can I add him to the loan
dharris
Guest






Subject: credit gone bad
 
Posted on Sat Jul 11, 2009 11:09 am  

If I can't take my name off as a co-signer with my ex , how will my credit improve? I can't buy a home because he make sure he's late every month just to hold me back. I can't take my name off this auto loan?
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



80 Magic Points

 
Posted on Tue Jul 14, 2009 1:09 pm  

Unforetunatley until the loan is paid off you may be stuck with your name on it. You maybe able to go to court and sue for the car and if so you will have to take over possesion of the car and pay it up. All the financial responsibility would then be yours. I would visit a court house or magistrates office and inquire there.
donedeal
Guest






Subject: what if..
 
Posted on Wed Aug 12, 2009 9:39 am  

I have the same issue and even went to court to reqest my namr be removed from the car, which I am the co-signer for. The judge said I'd have to go down to the DMV and remove my name from the car's title and registration and they call the cars lean holder and see what I can do. But there is nothing but to refinance. I want my name off the car.. BADLY!! And I dont want it either but what if I refinance it and remove her and that why I can sell it or get rid of it. My ex wife uses my son against me with this issue.. she wont refinance. wat can i do?
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30027 Magic Points

 
Posted on Wed Aug 12, 2009 11:26 am  

Hi donedeal

I am afraid refinance is the only option and if your ex wife refuses to refinance, I believe there is no way out. This is as far as my knowledge goes. Maybe you could try to convince her when the time is good Smile
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Carol
kimmystar
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Subject: garnishment
 
Posted on Mon Aug 31, 2009 9:14 pm  

my car is almost paid off and I am being garnished. my question is once the car is paid can they touch my car.
jenny
Guest






 
Posted on Mon Oct 05, 2009 12:59 pm  

I am the co-signer of my daughters car loan. I want to remove her name from the loan and become the signer. - can this be done?
sara



Joined: 13 Sep 2009
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Posts: 31



522 Magic Points

 
Posted on Mon Oct 05, 2009 5:24 pm  

i think refinance will help you as you are co signer.
refinance is better option in this scenario.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1890 Magic Points

Subject: car loan
 
Posted on Tue Oct 06, 2009 10:35 am  

JENNY.......is your daughter NOT making payments, on the loan? Did you get the loan from your 'personal' bank, etc? If the loan was given from a place where you know the people well, and they KNOW YOU are the only one making payments on it, then it IS possible to change the loan: from you being co-signer to you being the 'sole' person. I agree with the re-financing option, in this case.
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Tue Oct 06, 2009 11:05 am  

It largely depends on the lender, whether or not he will grant the permission to remove the name of a cosigner. However, if the primary account holder is paying the monthly payments timely, then there is a possibility that the lender might agree to do this.
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All the Best Smile
Justin
brownsugar10
Guest






Subject: car
 
Posted on Sun Jan 17, 2010 12:49 am  

If my brother is gonna refinance my car in his name...can the insurance still be in my name??
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1890 Magic Points

Subject: credit
 
Posted on Sun Jan 17, 2010 3:54 pm  

Yes......you still can have the Insurance in your name. Just a curious question..why can't the Insurance be in your brother's name? Can he NOT get Insurance?

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